Within his newly released memoir, called Ithaki, the ex- premier Tsipras pulls no punches as he examines that turbulent period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, he chose that unorthodox economist Yanis Varoufakis to be his finance minister primarily because of his international reputation along with Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economist,” recalled Tsipras.
Clashing Agendas
The former leader suggests that his finance chief possessed a personal motives which involved advancing his books and testing out his own economic models using the nation instead of truly advocating the country's economic stability.
Tsipras noted how those discussions to stave off insolvency were “not just a way to secure a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his ideas.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously on the brink of leaving the eurozone.
At stake lay not only Greece's future but also those severe cutbacks required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Although the vote was carried decisively by voters against austerity, the prime minister was forced but to ignore the result and agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis had proved himself “unfit for an agreement demanding complex and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with anger and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
